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Oman’s Construction Market To Remain Robust From 2015-18; Top Ongoing Projects In Oman

Posted by AGORACOM-JC at 11:05 AM on Thursday, August 13th, 2015

Omagine Completes Land Rights Registration Procedures; Average Value is $718,614,000

Posted by AGORACOM-JC at 3:13 PM on Thursday, July 9th, 2015


  • Announced that its 60% owned subsidiary, Omagine LLC, has signed and registered with the Government of Oman, a Usufruct Agreement which legally perfects Omagine’s ownership of the development rights over 245 acres of beachfront land
  • Average Value is $718,614,000

To establish the value of its Usufruct Rights Omagine contracted with three separate real-estate valuation firms, each of which is well known in Oman and Dubai and all of which have recognizable worldwide brands in the real-estate valuation business. Omagine is consulting with its IFRS accounting consultant, PriceWaterhouseCoopers LLP, and will soon determine, in conjunction with its auditors (Deloitte & Touche (M.E.) & Co. LLC) the correct method to properly record the $718,614,000 average value of its Usufruct Rights in its financial statements.


The shareholders of Omagine are:

i. Royal Court Affairs which owns 25%, and,

ii. Two subsidiaries of Consolidated Contractors International Company, SAL (“CCC”), which collectively own 15%, and

iii. Omagine, Inc. which owns 60%.


About Royal Court Affairs.

Royal Court Affairs is an Omani organization representing the interests of His Majesty, Sultan Qaboos bin Said, the ruler of Oman.

About Consolidated Contractors.

Consolidated Contractors International Company, SAL is a multi-national construction and engineering company with over $5 billion of annual revenue, 130,000 employees worldwide and operating subsidiaries in, among other places, every country in the Middle East and North Africa (the “MENA Region”).

About Omagine, Inc

Omagine, Inc. is a publicly traded U.S. company (Stock Symbol: OMAG) with 17,386,111 common shares presently outstanding. The Company is focused on real-estate, entertainment and hospitality opportunities in the MENA Region and on the design and development of unique tourism destinations that are thematically imbued with culturally aware, historically faithful, and scientifically accurate entertainment experiences. Governments in the MENA Region are seeking to diversify their economies and create employment for their citizens via the development of tourism destination projects. It is the Company’s opinion that this governmental strategic vision combined with the enormous financial resources in the MENA Region will continue to present superb development opportunities.